Ronnie Screwvala-led Upgrad almost halved its net losses in FY25, while posting a modest growth in revenue.
The higher education and upskilling firm posted a net loss of Rs 274 crore, compared with Rs 560 crore in FY24. Its operating revenue increased to Rs 1,569 crore from Rs 1,488 crore, as per filing sourced from Tofler.
The lower losses may be attributed to an 8% drop in total expenses, which stood at Rs 1,943 crore in the last fiscal year. A significant portion of the expenditure was attributed to employee benefit expenses, which amounted to Rs 704 crore, and other expenses at Rs 930 crore.
The Mumbai-based firm competes with the likes of Eruditus, Great Learning, and Simplilearn. It last raised $60 million from Singapore’s sovereign wealth fund Temasek at a flat valuation of $2.25 billion last year.
Founded in 2015, Upgrad offers a variety of online and hybrid degree courses, study-abroad programmes, certifications, bootcamps, diplomas, executive programmes, and more.
Upgrad expects to clock between Rs 2,200-2,400 crore in revenues in FY26, and aims to go public in the next 18 months.
ET had reported that with a planned corpus of $50 million, Screwvala is also focussing on backing frugal disruptors in AI and other frontier technologies. He has recently invested in AI-led platforms like SpeakX, Round1, CuePilot AI, ZuAI, Activate AI, and TrueFan, with a space-tech deal also in the works.
On November 14, ET was the first to report on Upgrad submitting an expression of interest (EoI) to bid for Think & Learn, the bankrupt parent of edtech firm Byju's.
Upgrad is also holding discussions with Unacademy’s investors and co-founders for an acquisition, valuing the SoftBank-backed startup at $300-320 million — 90% less than its last private valuation.
According to the company, acquiring these platforms would strengthen UpGrad across test preparation, degree courses, and professional upskilling.
The higher education and upskilling firm posted a net loss of Rs 274 crore, compared with Rs 560 crore in FY24. Its operating revenue increased to Rs 1,569 crore from Rs 1,488 crore, as per filing sourced from Tofler.
The lower losses may be attributed to an 8% drop in total expenses, which stood at Rs 1,943 crore in the last fiscal year. A significant portion of the expenditure was attributed to employee benefit expenses, which amounted to Rs 704 crore, and other expenses at Rs 930 crore.
The Mumbai-based firm competes with the likes of Eruditus, Great Learning, and Simplilearn. It last raised $60 million from Singapore’s sovereign wealth fund Temasek at a flat valuation of $2.25 billion last year.
Founded in 2015, Upgrad offers a variety of online and hybrid degree courses, study-abroad programmes, certifications, bootcamps, diplomas, executive programmes, and more.
Upgrad expects to clock between Rs 2,200-2,400 crore in revenues in FY26, and aims to go public in the next 18 months.
ET had reported that with a planned corpus of $50 million, Screwvala is also focussing on backing frugal disruptors in AI and other frontier technologies. He has recently invested in AI-led platforms like SpeakX, Round1, CuePilot AI, ZuAI, Activate AI, and TrueFan, with a space-tech deal also in the works.
On November 14, ET was the first to report on Upgrad submitting an expression of interest (EoI) to bid for Think & Learn, the bankrupt parent of edtech firm Byju's.
Upgrad is also holding discussions with Unacademy’s investors and co-founders for an acquisition, valuing the SoftBank-backed startup at $300-320 million — 90% less than its last private valuation.
According to the company, acquiring these platforms would strengthen UpGrad across test preparation, degree courses, and professional upskilling.
